Vancouver’s Real Estate Market Is Heading Towards A Transition
Our Vancouver real estate lawyers are observing a transition stage in the real estate market, as fewer buyers in the market result in less upward pressure on house prices and a shift towards a balanced market.
This trend takes place just two months after we observed a 38% increase in Vancouver real estate listings, year-over-year in May. This trend continues with a large increase in the number of homes listed just last month, compared to a year earlier:
Total Number of Homes Listed
12,137 homes listed as of August 1, 2018
9,194 homes listed at the end of July, 2017
According to the Real Estate Board of Greater Vancouver, July housing sales reached their lowest levels since the year 2000. Looking into the following chart, we observe a 30% decrease in sales last month compared to a year ago, and a significant drop from the month prior:
Total Number of Sales in a Month
2,070 sales in July 2018
2,425 sales in June 2018 (one month ago)
2,960 sales in July 2017 (one year ago)
We’re observing a transitional market with less upward pressure on home prices. As the real estate landscape changes, this could result in a potential opportunity for buyers, with more choices and less pressure on sellers to raise their prices.
With 4,770 new homes added to the MLS in July, a total of 12,137 homes were listed for sale as of August 1st. As a buyer, now could be a good time to reevaluate your finances and keep your eyes open for potential opportunities.
As your real estate lawyer located in downtown Vancouver, our legal office helps clients navigate through the conveyancing process and conducting due diligence. If you’re planning to make one of the biggest purchases in your life, consider contacting our legal office to ensure that it is done right, the first time.